What Is the New Series 54 Exam?

Series 54

Important Things to Know about new Series 54 Exam

  • The outline should be available within the next few weeks (number of questions and topics will be disclosed)
  • Any person who supervises the activities of a municipal securities advisor will be required to pass both the Series 50 and Series 54 examinations
  • There is no “grandfathering” provision, meaning that if a person who supervises municipal advisors has a current Series 24 and/or Series 53 they will still be required to pass the Series 54
  • Similar to the implementation of the Series 50 examination the MSRB will be conducting a pilot program
    • The scheduled dates of the pilot are February 2019 – June 2019
    • The pilot will be used to determine the passing score for the permanent exam
      • When a person takes the pilot they will not know whether or not they passed until the summer of 2019 (not date specified)
    • The number of questions on the pilot may differ from the number of the permanent exam
    • The implementation date of the permanent exam has not yet been established
      • It is anticipated sometime this fall and once established anyone functioning as a municipal advisor principal will have a one year grace period in which to pass the exam